Verheijen (World Bank): Serbia to Get $75-Million Loan Soon

The head of the World Bank’s office in Serbia Toni Verheijen announced today that Serbia would be granted a $75-million-loan in late December 2015 or early January 2016 for implementing the strategy and action plan for the public administration reform.

Verheijen added that the loan would be effective as of March next year.

This is a new World Bank instrument that is based on approving funding after achieved results and the terms and conditions of the loan are much more favourable than those on the market.

Serbia is going to use this instrument for the first time ever as support to the strategy and action plan for the public administration reform.

“This is a new co-financing instrument of country programmes used by the system of these countries. The basic principle is to reach an agreement about the programme goals and once the government reaches them, we release the money they originally spent from their respective country’s budget to accomplish these goals”, Verheijen explained.

He added that, with this money, the World Bank will co-finance the programme implementation, public administration reform, advancing management and procurement systems etc.

(RTS, 08.11.2015)

This post is also available in: Italiano

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